VGK

Above chart is the Vanguard European ETF courtesy of Finviz.com.  The question I ask myself after this week and all the negative news out of Cyprus is why hasn't this performed worse?  Now VGK as of this writing is down about 2% for the week and the Cypriot situation is as  they say "fluid" so  it is possible that we may have an answer maybe next week.  Yet it's hard not to notice that Europe as a whole so far seems to have taken this in stride.   Big weekend over there it seems as that some resolution will be in place by Monday.  

*Long VGK in client and personal accounts.  Note however in the interest of disclosure that we sold certain positions in VGK in both client and personal accounts a bit over a month ago.  Sales varied across client strategies, positional size and client individual risk/reward perimeters.